Brits over-estimate bank balance
Almost three-quarters of UK adults over-estimate the money in their bank account and think they're better off than they really are, according to figures from Barclays. The average amount by which Brits overestimate their bank balance is £70.73, with Londoners being the most out of touch overestimating their balances by an average of £91.62.
The research conducted by Barclays shows that 84 per cent of mobile phone banking users have a more accurate idea of their finances, with almost half of this group stating that, since using mobile banking, they've become more aware of the true value of their bank account.
Over half of UK adults who don't currently use mobile banking services (57%) believe that being able to check their bank balance on their mobile phone would make them more in tune with their bank balance and therefore make them feel better about their finances.
The average bank customer checks their balance approximately four times a month, currently favouring the internet to do so. Financial curiosity peaks towards the end of the week with 9.49am on a Thursday morning the most popular time for bank balances to be checked. 2,973 Brits are likely to be checking their bank accounts at this time every week spurred on by weekend planning.
Sean Gilchrist, Barclays Digital Banking Director, said: "Being in control of your money starts with knowing how much you've got and where it is being spent. Online and telephone banking made that easier and now mobile phone banking is taking it a step further.
"Mobile phone banking is still a relatively new way of doing your banking but the number of users is growing at a phenomenal rate and simultaneously more features and functionality are being added. It's really encouraging to see the positive impact it is having on helping people stay in control of their finances in a quick, easy and convenient way."
The overwhelming majority (83%) of adults who are not already using mobile banking admit they don't always know what's going in or coming out of their bank account, compared to 17 per cent of those who do use mobile banking
Increasing numbers of Barclays customers are using mobile banking services, with people checking their balance up to 16 times a month - 12 times more than the average person who doesn't use mobile banking.
Ease and convenience are the key benefits cited by users of mobile banking, some of who claim to have managed their finances via mobile phone banking services from the beach, on a night out, in the bath and even at the cinema.
Regional findings show that Londoners over-estimate the most, believing they have more than £90 in their account than they actually do. Nonetheless it's not only those living in London who suffer from fiscal forgetfulness with the research showing that it spreads the length and breadth of the country. The areas of the country which are the most misguided about how much is in their bank account are:
London, £91.62
Leicester, £90.10
Norwich, £89.37
Wrexham, £88.25
Manchester, £84.85
Edinburgh, £83.32
Portsmouth, £82.64
Brighton, £81.45
Cambridge, £80.74
Newcastle, £80.70
Barclays mobile phone banking service allows people to view balances, mini-statements, transfer between Barclays accounts, send payments to a third party. There are also tools such as finding their nearest branch and ATM, currency conversion tool.
To find out more about Barclays mobile phone banking consumers can visit barclays.co.uk.